Big investment is heading in the direction of Evolve Vacation Rental Network following a $80 million injection this week.
The Series D round was led by T. Rowe Price Associates and included participation from Winslow Capital Management, Foxhaven Asset Management and Arrowmark Partners.
The cap-raise gives the U.S.-based vacation rental management service a total funding to date in the region of $100 million over seven years.
It's a return to the investment table at Evolve for T. Rowe, as well as Annox Capital, Allen & Company and PAR Capital Ventures - all four of which have backed the company in previous rounds.
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The company's property count has now passed the 9,000 mark, offering owners a range of tools such as digital marketing, booking tools and distribution channel management into the likes of Airbnb, HomeAway and TripAdvisor.
Evolve has put its faith in a 10% booking commission for owners and now operates in 500 destinations in North America, saying it has triple-digit growth year-over-year.
CEO Brian Egan says the large round - one of the biggest into the rental support network this year - is a "significant milestone" but the company is at the "beginning of this journey" - an ambition reflected by its main backer T. Lowe, which claims the business can become "much larger over time".
The round will be used to develop its technology platforms and support its ongoing growth strategy, the company says.
Private accommodation in action